Planning Your Child's Future?
Mr. Reddy has an 18-year-old son who has just finished his high school and aspires to pursue business management in the US. However, due to lack of funds to support his son’s ambition, Mr. Reddy has been under a bit of stress. Quite obviously, he didn’t plan while his son was small. Had he invested in a Child Plan back then, he would have been in a much better position to help his son move realize his dream. Mr. Reddy’s son has to now settle for a Bachelor’s degree in India. Couldn’t Mr. Reddy have done something different? Couldn’t he have set aside an amount regularly in a Child Insurance Plan for this purpose?
Well, Mr. Gandhi seems to think so. He is a 52-year-old accountant with a 13-year-old son, who loves music and an 18-year-old son who is on his way to the US to pursue a Bachelor’s degree in Architecture. So what did Mr. Gandhi do differently? The answer lies in thinking ahead. From the time Mr. Gandhi’s sons were 6 years old and 1 year old, he has been regularly saving in a child plan, which includes a cash facility to pay for his children’s education. So for 12 years, Mr. Gandhi has had his money compounding in a child plan. All he did was set aside a little money every month in a long term.
It is difficult for us to think long term when we all crave for immediate benefit.. However, investing small amounts regularly in a Child Plan will never hurt our immediate needs, but will definitely help you secure your child’s future. In short, life can be simpler and more comfortable with a little foresight.